Wedgewood Partners Inc. Buys Shares of 192,000 Celgene Corporation (CELG)

Wedgewood Partners Inc. purchased a new position in shares of Celgene Corporation (NASDAQ:CELG) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 192,000 shares of the biopharmaceutical company’s stock, valued at approximately $23,890,000. Celgene Corporation accounts for about 0.6% of Wedgewood Partners Inc.’s investment portfolio, making the stock its 20th biggest position.

Several other institutional investors also recently made changes to their positions in CELG. Ledyard National Bank boosted its stake in Celgene Corporation by 6.6% during the 1st quarter. Ledyard National Bank now owns 2,191 shares of the biopharmaceutical company’s stock valued at $272,000 after purchasing an additional 135 shares in the last quarter. Boys Arnold & Co. Inc. boosted its stake in Celgene Corporation by 3.5% during the 1st quarter. Boys Arnold & Co. Inc. now owns 21,582 shares of the biopharmaceutical company’s stock valued at $2,685,000 after purchasing an additional 729 shares in the last quarter. Oakbrook Investments LLC boosted its stake in Celgene Corporation by 1.4% during the 1st quarter. Oakbrook Investments LLC now owns 44,103 shares of the biopharmaceutical company’s stock valued at $5,488,000 after purchasing an additional 600 shares in the last quarter. Moody National Bank Trust Division boosted its stake in Celgene Corporation by 4.5% during the 1st quarter. Moody National Bank Trust Division now owns 16,675 shares of the biopharmaceutical company’s stock valued at $2,075,000 after purchasing an additional 725 shares in the last quarter. Finally, Huntington National Bank boosted its stake in Celgene Corporation by 47.6% during the 1st quarter. Huntington National Bank now owns 110,331 shares of the biopharmaceutical company’s stock valued at $13,729,000 after purchasing an additional 35,595 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.

In related news, Director Michael D. Casey sold 9,250 shares of the business’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $125.59, for a total transaction of $1,161,707.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ernest Mario sold 18,506 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $130.52, for a total transaction of $2,415,403.12. Following the transaction, the director now directly owns 69,424 shares of the company’s stock, valued at approximately $9,061,220.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,476 shares of company stock valued at $35,812,841. 0.95% of the stock is owned by corporate insiders.

CELG has been the subject of several research reports. Robert W. Baird reissued an “outperform” rating and set a $162.00 price objective on shares of Celgene Corporation in a research note on Monday, May 22nd. BMO Capital Markets reissued an “outperform” rating and set a $152.00 price objective on shares of Celgene Corporation in a research note on Tuesday, May 23rd. Credit Suisse Group set a $148.00 price objective on Celgene Corporation and gave the stock a “buy” rating in a research note on Monday, May 22nd. Canaccord Genuity set a $156.00 price objective on Celgene Corporation and gave the stock a “buy” rating in a research note on Monday, May 22nd. Finally, Cantor Fitzgerald set a $160.00 price objective on Celgene Corporation and gave the stock a “buy” rating in a research note on Monday, May 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Celgene Corporation presently has an average rating of “Buy” and a consensus price target of $149.34.

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Shares of Celgene Corporation (NASDAQ CELG) traded up 1.02% on Friday, reaching $142.04. 5,983,997 shares of the company’s stock were exchanged. The company has a market cap of $111.12 billion, a price-to-earnings ratio of 43.99 and a beta of 1.89. Celgene Corporation has a 12 month low of $96.93 and a 12 month high of $142.69. The firm’s 50-day moving average price is $134.97 and its 200 day moving average price is $127.46.

Celgene Corporation (NASDAQ:CELG) last posted its quarterly earnings results on Thursday, July 27th. The biopharmaceutical company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.21. Celgene Corporation had a net margin of 21.35% and a return on equity of 68.51%. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same quarter in the previous year, the firm posted $1.44 earnings per share. The company’s quarterly revenue was up 18.7% compared to the same quarter last year. Equities research analysts predict that Celgene Corporation will post $7.33 EPS for the current fiscal year.

About Celgene Corporation

Celgene Corporation is an integrated global biopharmaceutical company. The Company, together with its subsidiaries, is engaged in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation.

Institutional Ownership by Quarter for Celgene Corporation (NASDAQ:CELG)

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